Hermès Q3 Sales Rise About 4% to €4.1 Billion, Weakest Since 2020; Greater China "Broadly Flat"
PARIS — Hermès reported third-quarter revenue of €4.1 billion on October 22, up about 4% at constant exchange rates (the company's rounded figure; media calculations put it at 4.3%), below the 5.2% growth expected by analysts polled by Reuters — the weakest quarterly pace since the 2020 pandemic.
For the first nine months of 2026, consolidated revenue reached €12.26 billion, up about 6% at constant exchange rates (5.5% precisely) and 2.9% at current exchange rates.
By division, leather goods and saddlery rose 10.8% to €1.91 billion, the steadiest pillar, while ready-to-wear and accessories fell 2% to €1.14 billion, its first decline in two years.
By region, the Americas grew 8.8%, Japan 9.6% and Europe excluding France 7.2%; Asia-Pacific excluding Japan was flat; the Middle East fell 4.5%, the only declining region.
"Despite a complex environment, Hermès continues its profitable growth and maintains its course," Executive Chairman Axel Dumas said in the official release. "Convinced of the strength and relevance of our artisanal model, we see our vision as firmly rooted in the long term, and we look to the future with confidence."
CFO Eric du Halgouët told analysts that Greater China, which had seen slight growth through June, was now "broadly flat" year-on-year following the third quarter, with high-traffic categories such as fashion accessories, footwear and watches suffering from declining footfall. Hermès shares fell about 5% to 7% after the results, Reuters reported.
(GSM, based on Hermès' official release and Reuters)
Published by GSM · USA (original Chinese edition)
Photo: 巴黎乔治五世大街爱马仕门店（资料图）。照片：Moonik，CC BY-SA 3.0，经 Wikimedia Commons。 / The Hermès store on Avenue George V, Paris (file photo). Photo: Moonik, CC BY-SA 3.0, via Wikimedia Commons.
